Blackstone, others to buy Bangalore IT Park for Rs1,950 crore: report

US private equity firm Blackstone Group and two other Indian companies have teamed up to buy a business park in Bangalore for Rs1,950 crore ($367 million), Reuters today reported, citing two sources with direct knowledge.

The deal, which is expected to be concluded within two to three months, would be the largest private equity investment by value in India's real estate sector since 2008, said the report.

Blackstone, a property fund founded by Housing Development Finance Corporation and unlisted real estate developer Embassy Group plan to invest an equal amount to buy Vrindavan Tech Village, a special economic zone on the outskirts of Bangalore.

The move comes even as Blackstone is teaming up with global investors Mapletree and Xander Group to acquire Unitech's IT park at Gurgaon.

Vrindavan TechVillage is one of the largest IT specific special economic zones in Karnataka. It comprises over 9 million sq ft of development spread over 106 acres of land on the Outer Ring Road.

The development includes IT specific commercial office space, hotels, serviced apartments, residential and retail facilities.

Vrindavan TechVillage is promoted by Mithilesh Kumar Tripathi, chairman of Vikas Telecom and is being developed by Singapore-based developer Assetz Property Group, which also has sweat equity.

Assetz has already developed about 20 acres comprising of 1.9 million sq ft of offices. Companies like Cisco, Sony Corp, Ness Technologies, Nokia, and Talisma are already operating from here.